Top US law firm, Latham & Watkins, has announced today that it is tapping Kira Systems’ legal AI technology for its review of documents for M&A and other transactions, in what is a major client win for the Canadian AI pioneer.
Kira will be deployed across Latham’s transactional practices to speed up the due diligence process and assist Latham’s transactional teams in identifying critical deal points in negotiations.
As readers of Artificial Lawyer will know, Kira Systems’ software uses machine learning to automate the extraction and analysis of key provisions from contracts.
The announcement follows a period of considerable growth for Kira that has seen the company pick up clients across the US, Europe and in the Asia-Pacific region, including working in collaboration with other legal tech companies such as Neota Logic.
The win also comes at a time of intense competition in the legal AI doc review market. As the number of players in the market increases to well over a dozen or more globally there is a fierce battle to win deals with the key global law firms, especially those with a strong transactional focus. And, it is fair to say, (along with some important news that will be reported tomorrow), Kira is doing very well on that score and certainly appears to have gained considerable market share among law firms so far.
Ken Heaps, Chief Information Officer of Latham & Watkins, said: ‘Our firm employs technologies delivered by market leaders such as Kira Systems to help us meet client demands for cutting-edge legal analysis and advice in the most efficient manner possible, while also maintaining a consistently high standard of client service and collaboration.’
Noah Waisberg, CEO and co-founder of Kira Systems, added: ‘Latham & Watkins is at the forefront of innovation in the legal sector, and we’re excited to be working with the firm and its lawyers to deploy Kira Systems’ state of the art technology to provide their clients exceptional value, service, and efficiency.’